Press release: Terra Quantum secures substantial funding of 10 million Euro to lead the second quantum revolution and to reveal the best-kept secret in quantum computing technology
Zurich – 27 April 2020 – Terra Quantum AG, a world-leading European quantum technology company, has today announced that it has raised ca. 10 million Euro in total funding (since inception), bringing it to a company valuation of around 50 million Euro. The company will use the investment to build infrastructure and software solutions and to further boost the European quantum ecosystem.
From its base in Switzerland, Terra Quantum is developing a leading, cutting-edge QuantumTech project portfolio. The international team of experts brings together the best minds from science, academia and industry to address the most fundamental questions of quantum physics and their manifestations in the world around us. They are building quantum technology for a better future, making it more accessible to businesses, breaking down the barriers between science and industry and laying the foundations of a real quantum tech ecosystem and value chain. Terra Quantum has the potential to transform every corner of modern technology: the cars we drive, the planes we fly in, the medicines we take and the industrial processes that produce everything from fertilizers to batteries for electric vehicles.
Terra Quantum is the European answer to breakthrough and accessible quantum computing technology. While companies like IBM, Microsoft and Google are racing to build reliable quantum computers, the European quantum ecosystem is still in the beginnings. Deep tech pioneer Terra Quantum wants to substantially contribute to the European build-out and can already show results through its world-class expertise. The Terra Quantum research team has realized a hybrid quantum algorithm for solving a linear system of equations with exponential speedup that utilizes quantum phase estimation – one of the exemplary core protocols for quantum computing.
Their experiment carried out on superconducting IBMQ devices reveals the main shortcomings of the present quantum processors, which must be surpassed in order to boost quantum data processing via phase estimation. The developed algorithm demonstrates quantum supremacy and holds high promise to meet practically relevant challenges. The team envisages that the planned experiment will stimulate major players of the quantum computing industry to demonstrate that their hardware is actually achieving quantum supremacy.
Terra Quantum Founder and CERN Quantum Physicist, Markus Pflitsch, says: “Terra Quantum is working at the forefront of cutting-edge quantum tech applications and has composed a top-notch R&D team to make it happen. I am thrilled that we have partnered up with Lakestar, one of the leading Tech Venture Capital firms, as well as influential corporate business angels and top tier strategy consulting and private equity industry veterans to contribute to the establishment of a European quantum ecosystem. With their investments Terra Quantum is very well funded and has the financial strength to deliver results even through turbulent economic times. Quantum technologies will revolutionize almost every industry very soon. The time to shape and commercialize this fundamental new technology is now and Terra Quantum is ideally positioned to capture these ground-breaking opportunities.”
Stephen Nundy, Lakestar CTO and Investment Partner, adds: “We are seeing a revolution taking place with quantum computing, which is why we’re excited to work alongside Markus and the Terra Quantum team. Together, we can unlock the vast potential of this technology to address new opportunities. This has never been more important than now. We started the process with Markus long before the COVID-19 pandemic hit the world. We believe that quantum computing especially will be of even more relevance in the aftermath of the coronavirus as it will also accelerate drug discovery, artificial intelligence, breakthrough materials, and many other areas that will have a profound impact on our way of life.”
Anders Indset, investor, a world leading Business Philosopher and bestselling author of the Quantum Economy, adds: “Right now, Europe is looking for the next big thing and a new success story after the platform economy and the development of AI. Instead of waiting, Terra Quantum dares to be a pioneer. It will take time to get a stable quantum computer with new soft- and hardware with relevance to the economy, but in the meantime, hybrid solutions and various fields within quantum technology will have an immediate impact on our lives and on the economy. I am excited to support Markus and the excellent team of Terra Quantum as a senior advisor in becoming a global player driven by a new European success story in the field of Quantum Technologies”.
Victoria Jodl, Kekst CNC
M +44 7814044556
About Terra Quantum
Terra Quantum is a Swiss-based deep tech incubator focused on Quantum technology applications founded in 2019 with top-notch management led by senior finance executive and CERN Quantum Physicist Markus Pflitsch. The team and the company has invested 2 years and substantial financial funds to originate and develop a leading-edge venture project portfolio with IP and legal rights within its Swiss legal entity.
Lakestar is one of Europe’s leading venture capital firms investing in technology companies led by exceptional entrepreneurs. The team’s early investments included Skype, Spotify, Facebook and airbnb. Since raising a first fund in 2013, Lakestar manages an aggregated volume of over EUR 1bn across three early stage funds, and more recently a growth fund.
The company has expanded and broadened its portfolio and holds investments in the likes of Opendoor, Oscar, GYG, Glovo, Sennder, Eigen, FiveAI, Revolut and Hometogo to name a few. Lakestar has presence in Berlin, Zurich and London.
Lakestar helps companies to identify new markets and expand into them rapidly, with a focus on the US and Europe. The team advises and supports portfolio companies in business development, recruitment, technology and marketing. The investments range from early stage companies to those in their growth stage.
Visit us on LinkedIn and our website www.lakestar.com